On 3 October 2025, the Central Bank of Cyprus (CBC) published an official announcement under the Prevention and Suppression of Money Laundering and Terrorist Financing Law 188(I)/2007, as amended.
According to the announcement:
- The CBC, in its capacity as supervisory authority under the AML Law, conducted an examination of compliance.
- On 30 September 2025, the CBC decided to impose an administrative fine on Payabl.Cy Ltd (formerly Powercash21 Ltd; LEI: 2138003UJXVWKJIH9G72).
- The amount of the fine is €350,000.
- The decision relates to findings concerning compliance with provisions of the AML Law following an examination covering the year 2020.
- The CBC states that the supervised entity was given the opportunity to be heard before the final decision was taken.
Judicial Review:
- On 12 December 2025, Payabl. Cy Ltd registered Appeal No. 1405/2025 before the Administrative Court of Cyprus challenging the CBC decision.
(Source: Central Bank of Cyprus – Administrative Sanctions and Measures Register)
The full announcement is publicly available on the Central Bank of Cyprus website.
